§ 58-91-10. Definitions.
§ 58‑91‑10. Definitions.
For purposes of this Articleand the Compact:
(1) "Advertisement"means any material designed to create public interest in a product, or inducethe public to purchase, increase, modify, reinstate, borrow on, surrender,replace, or retain a policy, as more specifically defined in the Rules andOperating Procedures of the Commission.
(2) "Bylaws"means those bylaws established by the Commission for its governance, or fordirecting or controlling the Commission's actions or conduct.
(3) "Compactingstate" means any state which has enacted this Compact legislation andwhich has not withdrawn or been terminated pursuant to G.S. 58‑91‑70.
(4) "Commission"means the "Interstate Insurance Product Regulation Commission"established by this Compact.
(5) "Commissioner"means the chief insurance regulatory official of a state, including acommissioner, superintendent, director, or administrator.
(6) "Domiciliarystate" means the state in which an insurer is incorporated or organized;or, in the case of an foreign insurer, its state of entry.
(7) "Insurer"means any entity licensed by a state to issue contracts of insurance for any ofthe lines of insurance covered by this Article.
(8) "Member"means the person chosen by a compacting state as its representative to theCommission, or that person's designee.
(9) "Noncompactingstate" means any state which is not at the time a compacting state.
(10) "Operatingprocedures" means procedures promulgated by the Commission implementing arule, uniform standard, or a provision of this Compact.
(11) "Product"means the form of a policy or contract, including any application, endorsement,or related form which is attached to and made a part of the policy or contract,and any evidence of coverage or certificate, for an individual or groupannuity, life insurance, disability income, or long‑term care insuranceproduct that an Insurer is authorized to issue.
(12) "Rule"means a statement of general or particular applicability and future effectpromulgated by the Commission, including a uniform standard developed pursuantto G.S. 58‑91‑35, designed to implement, interpret, or prescribelaw or policy or describing the organization, procedure, or practicerequirements of the Commission, which shall have the force and effect of law inthe compacting states.
(13) "State"means any state, district, or territory of the United States of America.
(14) "Third‑partyfiler" means an entity that submits a product filing to the Commission onbehalf of an insurer.
(15) "Uniform standard"means a standard adopted by the Commission for a product line, pursuant to G.S.58‑91‑35, and shall include all of the product requirements inaggregate. Each uniform standard shall be construed, whether express orimplied, to prohibit the use of any inconsistent, misleading, or ambiguousprovisions in a product, and the form of the product made available to thepublic shall not be unfair, inequitable or against public policy as determinedby the Commission. (2005‑183,s. 1; 2009-382, s. 35.)